President Obama’s $75-billion program to avert foreclosures might not be able to help millions of distressed homeowners, as many homeowners are disqualified by the many restrictions in Obama’s program.
Real estate appraisers are having difficulty appraising properties in foreclosure listings which make it hard for borrowers to refinance and buyers to acquire homes.
Bankers, such as members of the Mortgage Bankers Association, are fiercely opposing President Obama’s proposal of involving judges in averting foreclosures.
The $75 billion foreclosure properties prevention program is starting to help some residents in Arizona as lenders adjust interest rates and loan principals so that distressed homeowners could afford their monthly payments.
Obama’s foreclosure plan will be implemented with the help of several federal agencies, government corporations such as Fannie Mae and Freddie Mac and the mortgage banks.
The House of Representatives has passed the Helping Families Save Their Homes Act which will provide another stopgap for the surge of foreclosure homes in the country.
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